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Business Observer Friday, Nov. 19, 2004 14 years ago

Real Estate Briefs (Sara/Mana edition)

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This week's items: Corvus, Lemon Development buys farm and garden siteJohn Cannon Homes starts new headquartersU-Store-It buys Metro Self StorageCucumber farmer buys more than 600 acres

Real Estate Briefs (Sara/Mana edition)

Corvus, Lemon Development

buys farm and garden site

Bloomfield Hills, Mich.-based Corvus International LLC, the company behind the Bel Mare at Riviera Dunes, has turned its attention to downtown Sarasota.

A partnership between Corvus International and the Lemon Development Co. has acquired the former Wayne Hibbs Farm & Garden Supply site on Fruitville Road, Sarasota, for $3.6 million. The partners say the 1.3-acre site will likely support 29 condominium residences when the new Downtown Edge Zoning is in place.

James Uihlein, head of Lemon Development, says the first order of business will be to clean up the site and to select an architectural design firm.

The Bel Mare at Riviera Dunes is planned as 186 condominium units in three 15-story towers with about 100,000 square feet of retail and specialty shops in the 288-acre Riviera Dunes development in Palmetto. Coruvs International, in conjunction with the Devlin Group and BSG Communities, is also developing Positano on the Gulf, 27 estate condominiums on the Gulf of Mexico at the site of the former Holiday Inn on Longboat Key.

In addition, Corvus is working with Morin Development of Tampa to develop the O2 Towers in Tampais Channelside District, which will include 380 condominiums in two 41-story towers with 100,000 square feet of retail and related specialty shops.

iWeive had a pretty good run the past 24 months in the state,i says Tim Morris, a Corvus International principal. iIn the next few months we should have about $1 billion in development (planned) in the state. Yes, we are pretty bullish.i

Wayne Hibbs relocated the Hibbs Farm & Garden Supply to 735 S. Beneva Road about three months ago.

John Cannon Homes

starts new headquarters

Site work has started for John Cannon Homesi new 55,000-square-foot headquarters in Lakewood Ranch. The three-story Mediterranean-style building was designed by architect Don Lawson using design elements that resemble Cannonis home style, says project manager Michelle Holt.

The new headquarters, expected to open in 2005, will feature a more than 4,000-square-foot design studio on the first floor. About 18,000 square feet of new office space, located at 6710 Professional Parkway W., will be offered for lease.

The general contractor for the development is Springdale, Pa.-based R.E. Crawford Construction. The building permit for the new building estimates the cost of construction at $5.5 million.

U-Store-It buys

Metro Self Storage

Cleveland-based U-Store-It Trust, a self- administered and self-managed real estate investment trust focused primarily on self-storage facilities, purchased the Metro Self Storage facility, at 6512 14th St W., Bradenton, from Metro Storage Portfolio 1 LLC for $3.82 million.

The purchase was part of U-Store-Itis purchase of 42 self-storage facilities in Illinois, Indiana, Florida, Ohio and Wisconsin for $184 million. The purchase represented a total about 2.6 million rentable square feet, of which 83.6% were occupied as of June 30.

Metro Storage Portfolio bought the about 70,875-square foot self-storage facility from Richard Bennett for $3.88 million.

With the addition of the portfolio properties, U-Store-It, reportedly the sixth largest owner/operator of self-storage facilities in the United States, owns and manages 197 self-storage facilities located in 21 states for a total of 12.5 million rentable square feet.

Cucumber farmer

buys more than 600 acres

Cucumber farmer John Falkneris Rowe Ventures LLC bought about 628 acres of grazing land in the 16000 block of Circle Road 675 from Henry, Eric and Simonne Verbeke for $15.08 million.

Falkner owns the about 7,000-acre Classie Farm and is one of Manatee Countyis largest private property-owners.

Falkner did not return calls for comment.

SunCoast Bank

buys SR-64 land

SunCoast Bank purchased land on State Road 64 (5114, 5116, 5118, 5120, 5122 and 5124 4th Ave. Circle E.) from Tom Brown Real Estate Investments LLC for $1.48 million. The land is the future site of the bankis third branch and first location in Manatee County.

iWe are working on the plans and specs right now,i says John T. Stafford, bank president and CEO. iWe hope to open it in the fall of 2005. We are excited about the opportunities for us in Manatee County. We have an existing client base up there now that we deal with. And the new office is in a very high traffic area.i

As for future expansion of the bank, Stafford estimated it would be two years before the bank would start a fourth location.

iThis going to be larger than our other facilities,i Stafford says. iIt is going to house some of our other specialized services such as brokerage.i

Ranchis Main Street

construction continues

Vertical construction on Main Street in Lakewood Ranch is set to start soon. For the past 30 days almost all of the construction on the project, a joint partnership between Casto Southeast and Schroeder-Manatee Ranch, has been focused on basic site work, such as pouring footings, bringing in fill dirt and laying out the streets, says John Swart, president of Lakewood Ranch Realty.

Next up, construction on the first four primarily retail buildings.

The entire development, which will be anchored by a Mortonis Gourmet Market, a five-screen art movie theater and a Chicois, which will offer 115,000 square feet of retail and office space. The estimated completion date for the project is in 2005. The general contractor for the development is Hoar Construction.

Swart, whose Lakewood Ranch Realty is charged with leasing the 46,000 square feet of second-floor office space, says that he has deals for between 10,000 and 15,000 square feet. The rental rate for the space is $16 to $17 a square foot triple net.

The CED Cos. developing

Bradenton communities

In an internal transaction, Maitland-based The CED Cos. transferred land from at 4880 51st St. W., Bradenton, from Village at Cortez Ltd. to Cortez Developers Ltd. The deed listed the transaction sale price at $2.98 million. Scott Culp, executive vice president for The CED Cos., says the company is developing an apartment and a condominium community on the site.

iBoth are under construction and approximately 75% complete,i Culp says. iWe anticipate leasing and sales to begin in January.i

Cortez Developers Ltd. mortgaged the land to Bank of America for $9.2 million.

In May, CED-Concord Management Ltd. bought several acres at the intersection of North Tuttle Avenue and Twin Drive in Sarasota County to develop a 160-unit affordable apartment complex, called Rolling Green South Apartments. The first building was slated for completion in April of 2005.

Last year, The CED Cos. opened 192-unit University Club complex, just south of the intersection of Lockwood Ridge and DeSoto roads.

The CED Cos. is a family of businesses that develop, build and manage affordably priced multifamily communities. The company employs 1,200 people and manages more than 125 apartment communities in 10 states, including Florida, Georgia, Texas and New York.

Etc...

i Construction has started on Piero Rivoltais Rivo at Ringling, a 15-story condominium tower in downtown Sarasota. Ringling will be one of few downtown condo projects to offer two and three bedrooms in every residence. The development features 92 residences ranging in size from 1,400 square feet to 3,000 square feet for 14 penthouse residences on the top three floors. The first residences will be available for occupancy in June 2006.

Rivoltais Rivolta Group has developed several residential (Longwood Run and The Oaks) and commercial projects (The Parkway Collection, Center Pointe and Main Pointe).

i Heritage Harbour officials have announced plans for a 392-unit apartment complex on State Road 64, east of Interstate 75. The development is being touted as the most affordable housing in Heritage Harbour.

i Fishermanis Cove Resort LLC bought a mobile home park, at 100 61st St. E., Palmetto, from Fishermanis Cove Palmetto LLC for $2.8 million

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